author={Kakar, Venoo, Daniels, Gerald Eric, and Petrovska, Olga},
  title={Student Loan Debt and Financial Health of U.S. Households},
  abstract={Using the 2013 and 2016 Survey of Consumer Finances data we examine the effects of the presence of student loan debt on the net worth of U.S. households. We find that mean 2013 net worth for households with no outstanding student debt is three and a half times higher than for households with outstanding student debt ($662,023 vs. $190,117) while for 2016 it is more than four times higher ($865,956 vs. $209,232). We quantify these effects for various wealth quintiles of US population using median regression techniques. We find that living in a household at the 15th, 30th, and 50th percentile net worth with outstanding student debt is associated with a $3,299, $9,443, and $31,866 loss in net worth compared with a similar household with no student debt. From a policy standpoint, the insurmountable rise of student debt along with its skewed effects on the balance sheets of U.S. households underscores its role in worsening their short-term financial health as well in contributing to increasing wealth inequality over the long-term.},